( University of Michigan,Ann Arbor-MBA; University of Missouri,Rolla-MS)
|Rank in India
Rank in World
|Seventymm Services Pvt. Ltd. owned by COOLSTUFF Retail Pvt Ltd|
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Seventymm.com (Seventymm Services Pvt. Ltd.) is an Indian online shopping company offering movie merchandise,apparel,electronic gadgets, fashion accessories,footwear,home accessories, jewellery,watches,home decor, kitchen appliances, kids stuff, movie DVDs and other life style products.The company originally started as an online DVD rental. Later it expanded into selling. As on Feb 2012, it shutdown its DVD rental business and solely does the online shopping business.
Seventymm was Raghav’s brainchild. Microsoft alum, Raghav, has in the past has co-founded imandi.com and Rendition Networks. On one of his vacations to India, former Microsoft employee and serial entrepreneur Raghav Kher ran into a problem. His young son wanted to watch the movie Batman. Raghav made a few calls and located a movie rental store 45 mins away. When they went there, they found it was Spiderman they had, not Batman. The disappointed duo took the movie home, only to discover, upon opening the box, that the movie was not even Spiderman. To top it all off, they were charged a late fee. Raghav was frustrated. Raghav the entrepreneur sensed an opportunity.
He did some research and found out that people renting movies wanted a mix of choice, convenience and community. And to cater to that need, he started Seventymm. A significant fall in the prices of DVD players has lead to an explosive growth in DVD/ VCD penetration into the households, explains Raghav.
While he was researching the opportunity, Raghav found, to his surprise, that not only his driver but also the other eight drivers in his building have DVD players. He realized that this is a movie-crazy nation that produces nearly thousand movies a year. Add to this the fact that more and more movie-buffs want to – and can – watch their choices from home, and Raghav saw an opening for a new business that made watching movies at home convenient and inexpensive.
Initially the company was self-funded. Once the model was starting to prove itself, Raghav approached venture capitalists for funds to build out infrastructure. The company had been gone through two round of funding. In June 2007, they acquired New Delhi-based competitor Madhouse.
The company originally started as an online DVD rental. Later it expanded into selling. It also offering shopping of apparel, electronic gadgets, fashion accessories, footwear, home accessories, jewellery, watches, home decor, kitchen appliances ,kids stuff and other life style products. As on Feb 2012, it shutdowns its DVD rental business and solely does the online shopping business.